Information for membersyour workplace pension

Introducing your workplace pension

Your employer has selected the Cheviot pension as its workplace pension. Cheviot is very pleased to welcome you as a member. The Cheviot trust is a not for profit organisation and is managed by a Board of Trustees. The Trustees come from different firms and backgrounds and are there to look after your interests.

They represent both employers and members to make sure that your Cheviot pension is well run, your money is thoughtfully invested and investment performance is regularly reviewed and monitored.

Your contributions

Your employer will deduct contributions from your salary each month and pay them to Cheviot together with their contributions, if any.

Your employer will tell you how much the contributions are but remember you get tax relief on these so it doesn’t cost as much as you think and you can always contribute more.

Providing regular information

When you join, you will receive an online account log in by email. Here you can view and amend your personal details and view your fund value, contributions and investments. You will receive a benefit statement each year.

Your benefit statement will show you how much your fund might be worth and the pension you may receive when you retire. The Cheviot pension calculator can show you how you can improve the size of your fund by increasing your contributions, deferring your retirement or increasing the amount of investment risk you take.

Investing your money

Cheviot invest the contributions for you. Cheviot has an innovative approach to investment. We listen to members and understand that you want investment options which are:

Easy to understand

Constantly monitored

Flexible

You will be automatically invested in Cheviot’s Lifeplan which uses your age to select the appropriate option for you. You can select one of our three long term options Cautious, Moderate and Growth. Or we have some short/medium term options available. It is very easy to switch between the investment options, visit your online account or click here for more information.

Most importantly, you want a reasonable income when you retire. We help with that by giving you investment options that are designed to provide good stable returns over the long term at a reasonable cost.

Changing your details or options

Leaving your employer

If contributions cease within 30 days, you can request a refund of the value of your contributions (less tax).

If you leave your employer, your new employer may already be with Cheviot or choose to join. If they have a different workplace pension, you can leave your pension invested with Cheviot and we will look after it until you retire. Or you can transfer it to another pension arrangement at any time.

Retiring

Currently, you can retire any time from age 55 whether or not you have stopped work. You can tell us when you are planning to retire and we will gradually move your money to the Retirement Planning and Cash options during the three years leading up to your target retirement date. Remember to tell us if your plans change!

Greater flexibility was introduced in April 2015 with regards to your options at retirement. Click here for more details regarding how you can now access your retirement savings.

If you have any questions just give us a call - we will be happy to answer any questions

Opting out

Everyone needs to think about pensions - most of us will be living on a pension for at least 20 years. But this may not be the right time for you to start saving. You can opt out and receive a full refund of the contribution you have paid (less tax) providing the opt out notice is received by your HR/Payroll team within the timescales set out in the notification letter from your employer.

Details of how to opt out will be provided in our introductory email.

Whether you stay in the Cheviot Lifeplan or select an option yourself, you can be sure that the Trustees will review the options regularly and monitor their performance so you don’t have to.